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THE BUNGAY MEDICAL CENTRE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
On the 31 March 2024 the Company merged with its newly incorporated parent charity, The Bungay Medical Centre CIO (known as The Bungay Medical Centre Charitable Trust / Scott Charity prior to incorporation). It achieved this by transferring by way of gift, all assets, liabilities and operations to The Bungay Medical Centre CIO. The net carrying value of the gift was £2,548,682. The gift is reflected in the Statement of Changes in Equity.
From 31 March 2024, the Company Limited has been dormant, and following the completion of the transfer, the Directors intend to remove the Company from the register held by the Companies House once final administrative matters have been dealt with.
As a result the financial statements are prepared on a basis other than going concern, which includes, where appropriate, writing down assets to net realisable value, and recognising any contractual commitments that have become onerous at the balance sheet date. No material adjustments arose as a result of ceasing to apply the going concern basis. The financial statements do not include any provision for the future costs of winding-up the company, except to the extent that such costs were committed at the balance sheet date.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rental income from investment property leased out under operating leases is recognised in the statement of comprehensive income on a straight-line basis over the length of the lease.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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